Stage Details

Legislation -
Bill Failed
(Senate)
(51-43) -
May 24, 2012(Key vote)

Vote Result

Yea Votes

Nay Votes

Vote to pass a bill that extends current interest rates for undergraduate student loans until July 1, 2013.

Highlights:

Extends the following interest rates for undergraduate Federal Direct Stafford Loans from July 1, 2012 to July 1, 2013 (Sec. 2):

6.8 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2006 but before July 1, 2008;

6 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2008 but before July 1, 2009;

5.6 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2009 but before July 1, 2010;

4.5 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2010 but before July 1, 2011; and

3.4 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2011 but before July 1, 2013.

Requires the “applicable shareholders” of a professional service business in which 75 percent of the gross income of the business is attributable to 3 or fewer shareholders to include each shareholder's portion of the business' profits or losses in the shareholder's net income (Sec. 3).

Defines “applicable shareholder” as any shareholder whose modified adjusted gross income for the tax year exceeds following amounts (Sec. 3):

Vote Result

Yea Votes

Nay Votes

Vote to invoke cloture on a motion to proceed on a bill that extends current interest rates for undergraduate student loans until July 1, 2013.

Highlights:

Extends the following interest rates for undergraduate Federal Direct Stafford Loans from July 1, 2012 to July 1, 2013 (Sec. 2):

6.8 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2006 but before July 1, 2008;

6 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2008 but before July 1, 2009;

5.6 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2009 but before July 1, 2010;

4.5 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2010 but before July 1, 2011; and

3.4 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2011 but before July 1, 2013.

Requires the “applicable shareholders” of a professional service business in which 75 percent of the gross income of the business is attributable to 3 or fewer shareholders to include each shareholder's portion of the business' profits or losses in the shareholder's net income (Sec. 3).

Defines “applicable shareholder” as any shareholder whose modified adjusted gross income for the tax year exceeds following amounts (Sec. 3):

$250,000 for a married shareholder who is filing jointly;

$125,000 for a married shareholder who is filing separately; or

$200,000 for all other shareholders.

Note:

NOTE: THIS IS A VOTE TO INVOKE CLOTURE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED ALONE REQUIRES A MAJORITY FOR APPROVAL. HOWEVER, THE MOTION CAN BE FILIBUSTERED, AND WHEN THIS OCCURS, A CLOTURE VOTE IS NECESSARY TO VOTE ON THE MOTION TO PROCEED. A THREE-FIFTHS MAJORITY OF THE SENATE IS NECESSARY TO INVOKE CLOTURE.